As the year ends, it’s the perfect time for condo boards to review and update the policies that keep their community running smoothly. A quick annual check ensures your association stays compliant, financially sound, and ready for the new year.
- Governing Documents: Take a fresh look at your Declaration, Bylaws, and Rules & Regulations. Some ideas of items to ensure are accurate would include; that policies still reflect how your building operates, rules are enforceable and up to date, and that no conflicts exist between documents. If your documents are more than a decade old, consider a legal review.
- Financial Policies: Strong financial policies help protect the association and ensure a stable budget. Review items such as; assessment collection procedures, delinquency policies, reserve funding strategy, and expense approval guidelines. Year-end is also a good time to assess whether your reserves match your long-term repair needs.
- Maintenance & Safety Policies: Chicago’s winters and aging buildings require clear maintenance and emergency procedures. Ensure your building(s) are ready for the cold, brutal winters such as; preventative maintenance plans, snow and ice removal plans, emergency response guidelines, and security and key/FOB access procedures. Confirm that your building complies with Chicago building codes, fire safety rules, and inspection schedules.
If you need vendor support for your building maintenance or safety needs, check out Condoly.io for a full directory of property management and maintenance solutions for your community. - Board Governance Policies: Effective leadership relies on clear expectations. Spend time to review; Board code of conduct, election procedures, conflict of interest policy, and communication and meeting guidelines to help build trust and transparency with residents.
- Owner & Resident Policies: Clear resident-facing policies reduce confusion and complaints. Make sure your policies are current, easy to understand, and accessible to all owners. Some examples of policies to review include; pet rules, rental restrictions, move-in/move-out procedures, package delivery rules, and holiday decorating guidelines.
A December policy review sets your association up for success in the new year—keeping your building well-managed, compliant, and aligned with your community’s needs.
If your board needs further support with financial matters, how to remain compliant with state law and your governing documents, and/or how to operate transparently, reach out to Haus Financial Services today.